Driving the Marketing and Sales Funnel to close Deals: What Product Marketers Must Know and Do

Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers

Must Know and Do

Tom Evans

CompellingPM

@compellingpm

Copyright 2013 - 2015. The Lûcrum Group, Inc. 1

DFW Product Group

• DFW Product Group is the premier product management and marketing association in the Dallas/Fort Worth metroplex

• 300+ active members

• 2013 - 2015 roadmap includes webinar series, networking mixers, and ProductCamp DFW

• Website: http://dfwproductgroup.org/

• LinkedIn: https://www.linkedin.com/groups?gid=2796125

• Twitter: @DFWProductGroup

• Email: [email protected]

• Actively seeking new members, volunteers, and sponsors


Special offer from CompellingPM at the end of the webinar.


Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers

Must Know and Do

Tom Evans

CompellingPM

@compellingpm


The Role of Product Marketing


Poll Question 1

What is the role of Product Marketing in helping to drive revenue via marketing programs?

a) Defines the strategy and direction for market programs to support revenue goals

b) Creates sales & marketing tools

c) Executes marketing programs

d) All of the above

e) A & B above

f) B & C above


Role of Product Marketing

• Achieve revenue targets

• Set promotional strategy and objectives

• Defines programs that will be most successful in achieving revenue goals

• Defines adjustments to strategies and programs to correct gaps in revenue

• Develops the right content and tools


Who Executes Marketing Programs?

• Marketing (aka Corporate Marketing, Marketing Communications)

• Based upon programs defined by Product Marketing


PM2 Levers of Control™


Executional LeversProduct

•Define Whole Product

•Effective Requirements

Price

•Value-Based Pricing

Place (Channel)

•Sales Tools

•Sales Enablement

•Channel Programs

Promotions

•Product Marketing Tools & Content

•Product Marketing Programs

Go-to-Market Strategy

Target Markets PositioningCompetitive

StrategiesMessaging Platform

Alignment to Business Drivers

Market Analysis

VOC Competitive Analysis Ecosystem Analysis

Where Market Communications Fits


Marketing Communications

• Makes content, tools and messages more compelling and engaging.

• Executes Marketing Programs (Corporate and Product), to include:

websites, events, direct marketing, online marketing, social media,

advertising, public relations, etc.

• Operates marketing automation & CRM systems and tracks and

reports on marketing metrics.

Keys to Effective Marketing Programs


Poll Question 2

Which factor is most important for the Product Marketer to deeply understand in order to be able to define effective market programs?

a) Who are your customers (buyers)

b) Why they buy

c) How they buy

d) All of the above


Key to Successful Marketing

• A deep understanding of your target markets!

• Who they are

– Personas

• Why they buy

– Market Needs

• How they buy

– What is their buying process

– Where do they look

13Copyright 2013 - 2015. The Lûcrum Group, Inc.

Deep Understanding Drives Marketing

14

Messaging Platform

Messages targeted to each buyer/user persona

Marketing Tools

Answers key questions by buying phase

Targeted to right buyer/influencer

Media & Programs

Targeted to where buyers look for information

Sales Enablement

Sales communicate right messages at right time to

right buyer

Understand Buyers & Users

Who They Are

Why They Buy

How They Buy

Copyright 2013 - 2015. The Lûcrum Group, Inc.

Effective Marketing Programs

• Targets customer where they are (right media)

– listening, reading, watching, looking, searching

• Communicates consistent & synergistic messages that create

– Awareness, Differentiation, Demand, Competitive Advantage

• Measurable objectives to evaluate effectiveness


Which Marketing Programs?

• Understanding the buyer and buying process

• What has worked?

– Metrics on previous programs

– Metrics for programs on similar offerings

• Experimentation

– Test programs or versions of programs on small sample of market

– Evaluate results for effectiveness


Your Marketing Programs Weapons

• Promotion– Relevant & targeted marketing programs for the

buying process

• Price– Pricing promotions to encourage trials, adoption

• Place– Promotions through distribution channels (SPIFS,

Sales incentives)

• Product – Bundling, limited edition, etc.


Discover the Buying Process

• What are the typical phases of the buying process?

• Who are the typical buyers & influencers?

• Who is involved at each phase?

• What are their main concerns at each phase?

• What are they doing at each phase?

• What are the typical barriers to moving ahead?


The Sales & Marketing Funnel

19

http://www.realtyninja.com/blog/wp-content/uploads/sales-funnel.png

Copyright 2013 - 2015. The Lûcrum Group, Inc.

Metrics

• Indicators of progress against objectives• Acquisition metrics

– Source, volume, conversion (% and velocity), cost

• Buyer metrics– Purchase size, frequency, profitability, period, lifetime

value

• Customer Loyalty– Net Promoter Score, churn, renewals, referrals

• Revenue & Profitability– Per source, segment, growth


Testing to Improve

• Test & improve (e.g.)

– Marketing technique (or type of promotion)

– Copy or messages

– Design

– Media

– Website landing page

– Images

• Measurement is essential


Testing Process

• Define new marketing program (or version)

• Select a statistically significant representative sample of target market

• Run program, measure results

• Evaluate, adjust, re-test, rollout


Driving the Marketing & Sales Funnel to Achieve Revenue Goals


Poll Question 3

Who in your organization is responsible for driving the marketing & sales funnel

a) Sales

b) Marketing

c) Product Marketing

d) All of the above


Funnel Definitions

• Suspect – Everyone in target market

• Prospect (Contact) – Looking to solve a problem

• Lead – Fits your qualification criteria (need, interest)

• Opportunity – In a position to make a purchase (need, interest, budget, authority)


Managing the Funnels


Pro

grams

Too

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versio

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Suspect

Lead

Lead

Prospect

Prospect

Opportunity

Opportunity

CustomerP

rogram

sTo

ols

Scorin

gC

on

versio

n

Pro

grams

Sales

Too

lsSco

ring

Co

nve

rsion

Sales

Too

lsC

on

versio

n

ProgramsTools

Conversion Loyalty

Funnel Math

• How many impressions must you make to convert suspect to prospect?

• How many prospects do you need to achieve your target for sales (customers)?

• What is the velocity to convert prospect to customer?


Lead Qualification/Scoring

• Ensure leads are sales ready

• Work with sales / Start with perfect lead

• Demographics

– E.g., revenue, employees, project budgeted, company profile, buyer role, order size, urgency

– BANT – Budget, Authority, Need, Timeline

– Source

• Interactions

– Forms completed, click email links, downloads, website pages, phone call, data completeness


Keys to Accelerating Revenue

• Map the buying process

• Reach the right buyers

• Generate more leads

• Improve lead quality

• Improve conversion

• Increase retention & renewals


Summary

• To effectively drive revenue through the marketing & sales funnel(s):

– Deep understanding of how & why target markets buy

– Clear defined strategy and objectives

– Marketing programs based upon metrics

– Adjustments using marketing weapons to achieve objectives


Poll Question 4

Which action will create the most positive impact on your funnel performance?

a) Deep understanding of markets

b) Clearly defined strategy & objectives

c) Improvement in defining and monitoring funnel metrics

d) More effective use of all marketing weapons


Go-to-Market Webinar Serieshttp://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/

Webinar Title Date

The Strategic Role of Product Management & Product Marketing in Driving Product Revenue & Success

Apr 23

Developing a Deep Understanding of Your Target Markets – The Starting Point for Great Product Marketing

June 11

Define a Powerful Go-to-Market Strategy That Sets Your Product Apart June 25

Great Requirements Form the Foundation for Successful Products July 16

Profitable Products Sell Value: Why Value-Based Pricing Wins August 13

From Messaging Nightmare to Messaging Delight: How to Create a Powerful Messaging Platform

Sept 17

Create Effective Sales & Marketing Tools That Actually Get Used By Sales & Prospects Oct 15

Nothing Happens Until Someone Sells Something: Enabling Your Sales Channel to Success Nov 19

Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do

Dec 11


PM2 Levers of Control™


Executional LeversProduct

•Define Whole Product

•Effective Requirements

Price

•Value-Based Pricing

Place (Channel)

•Sales Tools

•Sales Enablement

•Channel Programs

Promotions

•Product Marketing Tools & Content

•Product Marketing Programs

Go-to-Market Strategy

Target Markets PositioningCompetitive

StrategiesMessaging Platform

Alignment to Business Drivers

Market Analysis

VOC Competitive Analysis Ecosystem Analysis

Upcoming Austin PM2 Training

• AIPMM Certifications – Certified Product Manager (CPM)

– Feb 16 – 17

• Optimal Product Management & Product Marketing

– Apr 11 – 13

More dates/locations - www.280group.com


Free 1 Hour PM/PMM Consult

• First ten to submit information on form

• http://compellingpm.com/freeonehour/

• Please include background on topic or issue

• Must include company info (no Gmail)

Copyright 2013. The Lûcrum Group, Inc. 35

http://compellingpm.com/freeonehour/

Thank You!

Tom Evans

CompellingPM

[email protected]

@compellingpm

www.compellingpm.com


mailto:[email protected]

Driving the Marketing and Sales Funnel to close Deals: What Product Marketers Must Know and Do

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Transcript of Driving the Marketing and Sales Funnel to close Deals: What Product Marketers Must Know and Do